philosophies. morgan the trail, nikki, and mccormick. watch new members of the 118th congress at 8 p.m. eastern on c-span or online at c-span.org. >> based on theonnt they allow on their sites. coverage of the oral argument begins at 100.m. eastern on c-span, c-span now, or online at c-span.org. >> c-span is your unfiltered view of government. we are funded by these television companies and more.

while support c-span as a public service. along with these others. giving you a front row seat to democracy. >> deputy treasury secretary discussed international economic policy during a conference here in washington dc. he also talked about the effectiveness of sanctions imposed on russia due to its invasion of ukraine. this is just under an hour. .

this meeting is a part of the part on economics. it is hybrid. we have distinguished members here. many more attending virtually. we are incredibly lucky to have the deck -- to have the deputy secretary with us. the secretary has led the treasury department efforts on national security and has been a leading member of the economic security team. he has been a leading voice against russia. this is timely given the one-year anniversary of the invasion on ukraine and the president's visit to kyiv.

also was the deputy national security adviser for international economics and the deputy director of economic counsel. everyone who encounters the deputy secretary knows he is a brilliant public servant and a real gentleman. i invite the deputy secretary to the podium for his remarks. thank you. [no audio] [applause] >> let me thank juan for his kind introduction. many of the tools we use today at the treasury department in the u.s. government work tools he and his colleagues decades ago helped to sharpen and develop. i am extremely grateful to him. i am grateful to all of you.

thank you for joining me here today. a little less than a year ago russia invaded ukraine with the object of unseating the democratic election. today due to the bravery of the ukrainian people and the support of the united states and our allies, it still stands. ukraine's government remains in place. the people of ukraine continued to resist russia's war.

president biden has underscored our commitment to ensure the cost of our actions fall more

heavily on russia then on the united states and our allies and partners. our economic tools are constraining the kremlin. our sanctions in expert control -- export control implemented with the department of commerce have degraded russia's ability to replace more than 9000 pieces of military equipment lost since the start of the war. force production shutdowns to kiefer to -- to key facilities. metoo -- russia is always -- russia is also running out of ammunition. and lost as much as 50% of its tanks. our coalition has provided ukraine with state-of-the-art equipment. helping them to run faster as we forced russia to go slower. russia is forced to turn to mothball sylvie era weapons.

our expert controls and sanctions will continue to prevent russia from accessing the equipment it needs to make up for these losses. our sanctions will make it harder for the kremlin to use their remaining resources. while russia's economic data appears to be better than many expected our actions are forcing the kremlin to use resources to prop up its economy at a time it will rather be arresting every dollar in their war machine. some of our first actions as well as sections and the sweet thing said to a decline. creating rule on the russian economy. the crippling student pleading caribou controlled provision of

money from leaving the country. they use the remaining assets to prop up their card to the russian economy continues to the interior. a good example of this decline is last year. rather than the budget surplus that many predicted and forecasted, russians suffered a budget deficit of $47 billion. the worst deficit in the country's history sues the soviet union. most productive russians are leaving the country in droves.

this will reduce the economic capacity of the country. industrial production has declined for nine straight months. we are planning to take additional steps. we all know russia's main source of revenue comes from selling energy. the crippling invasion of ukraine raise the global oil prices, hurting oil importing countries and in -- undersecretary yell leadership the price cap of our coalition has implemented is dramatically reducing russia's revenues from energy. last month russia's monthly budget revenues from oil and gas filled to its lowest level since 2020. 46 below where they were a year ago. the russian finance ministry has been forced to triple its daily foreign-currency sales to make

up for the shortfall. making the kremlin's choice between funding is illegitimate war and propping up its economy harder each day. the kremlin's choice to spin the country savings can hide the damage for now but our actions are forcing russia to mortgage its economic future to save face today. we have more work to do. we will continue to do more until russia conceived its baseless and legal is invasion. russian economy looks more like iran and venezuela then a member of the g20. from the outset our response to russia has been rooted in multilateralism. our coalition of more than 30 nations representing 50% of the global economy came together within three weeks of russia's invasion of ukraine. we have been lockstep with the

gu and g20 -- the g7 and g20 every step of the way. members of our coalition are dominant producers needed for modern warfare. advanced semi conductors, transistors and software. looking to china is not a solution for russia's challenges. we are concerned with russia's deepening ties with china. beijing cannot give the kremlin what it does not have because china does not produce advanced semi conductors russia needs. nearly 40% of the less advanced microchip russia is receiving from china are defective. the economic size of our

correlation has been critical in enabling actions to go after the elites that enable hoodlums regime. through multilateral fora like the repo task force, the repo task force has frozen or blocked billions of dollars in ill-gotten gains. going forward the breadth of this coalition is what will enable us to continue to isolate russia. we will force those that fail to employment to choose between economic ties with a coalition company to represent 50% of gdp or providing material support to russia. an economy becoming more isolated every day. under the president and secretary yellen's leadership we have new tools and approaches to degrade russia's economy. immobilizing russia's central bank reserve and imposing a five -- a 5% tax on oil shows these

are working. the price tax operates by setting a ceiling by have much russia can charge for products created using services from a country that is a member of our coalition. this limits russia's oil revenues directly and gives negotiating leverage to those who buy russia's oil without using the purposes. further driving down prices. it forces russia's choose between spending money on weapons and spending money to build its own ecosystem of services to get around the price cap. the impact of these actions is clear. according to russia's ministry of finance the country's oil revenues in january 2023 were nearly 60% lower than in march of 2022. russia can no longer windfall

products called by the conflict it started. our actions have averted a sharp spike in global oil prices by keeping russian oil on the market. our efforts must continue. we will continue to provide ukraine the assistance they need to defend their country. building on the billions economic aid and security assistance we have already provided. we will take further actions to setback the kremlin's ability to earn revenues. we and our allies are planning to launch a renewed effort to enforce sanctions of network controls we have already put in place. the kremlin's activities is actively seeking ways to circumvent these sections initially sanctions. to find those that do not share our values and willing to put the people of ukraine at risk to turn a quick profit. one of the ways we know our sanctions are working is the

kremlin has tasked an intelligent service to find ways to get around them. our approach to countering evasion will focus on three elements. the first, consistent with our overall approach. we work closely with our allies and partners in the g7 and eu. we will use all economic tools to give countries, companies and individuals a choice. to do business with a coalition representing half the global economy, or provide material support to russia. we will use sanctions, export control and other tools to prevent the kremlin from using the money they have to purchase weapons and goods they need to fight this war of choice. to strengthen this effort we will improve information sharing coordination among our allies is will and shared information with his this is in our countries to garner assistance in preventing countries, companies and individuals from providing

material support to russia. the second element of this effort is to identify and shutdown channels through which russia attempts to equip and fund its military. in response to our export control that disrupted russia's military supply chain and weapons procurement, kremlin is thought to backfield by repurpose and goods traded like chips that come from nonmilitary electronics like refrigerators, and retooling manufacturing were to -- manufacturing facilities to support its war efforts. our evasion efforts will deny russia for the dual use goods being used for the war and cut off these manufacturing facilities for the inputs they need to fill rooker should -- to feel russia's production gap. russia is working to get along the price cap through intermediaries. in addition to reducing the price russia can show -- the price russia kinship, higher oil

outside the camp. russia has been forced to divert its funds from its war in ukraine to pay for insurance, shipping and other services to support its oil trade. russia's central bank has been forced to use billions of dollars to backstop russia's national insurance comnies in order to support the shipping of energy products. this significantly reduces the kremlin's profits, which it needs to fund its war. we will continue to identify and act against intermediaries to prevent russia to use g7 and eu services. we will look for additional ways to drive up the cross -- drive up the cost to sell oil without the price cap coalition service. the final element of our approach will be to put pressure on companies in jurisdictions we know are allowing or

facilitating invasion. russia's invasion of ukraine isn't conscionable. even some of the countries who have publicly agreed with the sentiment are falling short of their obligations to enforce the sanctions we and our coalition have imposed in response. we have seen troubling patterns in several countries. including several of russia's neighbors where kremlin has deepened financial ties. other markets have been closed off. we are providing intelligence and information to enable countries to stamp out in these jurisdictions. if they fail to do so, we and our partners are prepared to use various economic tools at our disposal to act on our own. we heard engage with companies and banks to tell them directly that if they choose to not enforce sanctions and export controls we will cut them off from excess to our markets and

financial systems. the cost of doing business with russia in violation of our policies is a steep one. companies and financial institutions should not wait for their governments to make the decision for them. while we have four more to do, we are succeeding the course of undercutting russia's conquest. russia continues to face daunting obstacles in the form of dwindling surprise -- dribbling supplies, among his troops. we have been able to avoid price spikes. we are committed to support the people of ukraine and double our efforts to hold russia

accountable. at the heart of these are the talented people who work on these policies throughout our government. career civil servants who have worked at the treasury department, state department. working every day to hold russia accountable. my thanks goes to each one of them. the people who wake up every day thinking about how to protect our natural -- our national security. thank you to all of you for taking the time listening to my remarks. [applause] >> secretary, thank you for those great remarks. it really appreciate what you said about me. thank you so much. we are going to have a little

discussion. we will open it up to questions. we will do the in person and virtual questions. when we were in the government treasury department we were looking at terrorist groups like iran, north korea. the balancing act you have to engage with is russia is a major g20 economy. an energy giant, a member of the council. how have you thought about the balance of needing to attack the economy the way you described? attack their warmaking efforts and budget while also not cutting them off completely, including the sale of oil and gas? how do you think about that balance because that is a very difficult challenge? >> from the beginning we build a multilateral coalition. that was imported from a political standpoint

demonstrating they violated the sovereignty of ukraine, it was important from an economic standpoint because it gave us more leverage to use against russia. one of the early actions we took, immobilizing their central bank reserves. that would have been impossible if we had done that on our own. russia moved their central bank assets out of the united states and move them into europe and into japan and the u.k. and other countries. what they didn't expect was that those countries would join a coalition led by the united states and freeze their assets. the balancing act with a country like russia, interconnected, is harder than some of these rogue states. by building a broader multilateral coalition it has put us in place we can take these actions that makes it harder for russia to be able to process its economy while limiting the spillovers to our economy and of our allies and

partners. look at what is happening to energy prices and food prices, block sports in ukraine, that is where we are seeing spillover. there are spillovers being caused by this war. >> the russians view all of this, sanctions put in place, the attack on invasion as a part of the war. in 2014 when the threat was put in front of the russians of having their banks deselected, they talked about that as an act of war. have you and others in the administration thought of what you are doing? sanctions, economic measures, export control as a part of hybrid warfare, the ongoing war effort to contain and counteract

what russia is doing in ukraine? >> the president has been clear we are not engaging in the war effort. we are engaged in making clear to every country that you cannot violate the sovereignty of another country and reap the benefits of being connected to the international economic system. you cannot both be a member of the global order and violate the rights of a sovereign country. that is why we are taking decisive actions to cut off russia's assets. we are all parts of the global economy. that is a part of the rules-based order created after world war ii. russia has violated the sovereignty of another country. they should not be able to reap the benefits of being a part of the international system to allow their economy to grow. >> you talk convincingly and powerfully about the coalition that has been established. major economies, banking centers a part of the effort to isolate the russians.

those that have not joined the coalition, in some ways there is a financial alliance of rogues of emerging. especially with russia's dependence on iran and north korea for weapons. how do you think about those financial rogues and the others aligned on the other side? even those that have tried to remain neutral, in the case of china? >> it is a fine -- it is a sign of weakness, not strength that russia is forced to rely on north korea and iran. before the invasion russia was one of the many -- one of the major arms players in the world. today russia cannot produce enough to meet their basic needs, let alone produce enough to provide to countries who relied on them in the past. when i go to countries to talk to their about their plan to participate in buying arms from russia, they are skeptical because they don't think russia can produce enough arms.

they have seen how russian arms have performed on the battlefield. part of the reality of the situation, russia relying on countries that have already largely been cut off from the international financial system, we are taking the lessons that have been learned from the sanctions we implemented in russia and using them to go after those countries. uav production in iran, where we have taken action to go after the supply chain is critical to the production of those. we are not doing it alone. the european union is preparing to take action which will make it harder for iran and for russia to get access to those things. our message to those countries not already sanctioned the international community, countries that may be playing a role in transcript min is a simple one. you think your countries economic interests are better by having a relationship with russia, which is an economy relatively small in comparison to the economy of our coalition?

the choice we are going to give you is that you can provide material support to russia or you can continue to do business with our economies. you cannot do both. that is a choice companies and these countries are going to see as an easy one. we have seen limited support from countries like china and other countries where there companies are very interested in remaining connected to the global economy because that is where they see their future overtime. >> i want to come back to the china question. you were putting in place sanctions. the private sector on its own divesting in impactful ways. can you speak to what the private sector has been doing, and what they have been saying to you in terms of the risk doing business with russia and how that forms your calculus? >> many of our sanctions and

export control are enforced primarily to the private sector, financial institutions, firms that have strong due diligence programs that prevent what we are going after. a part of our goal in our stepped-up enforcement strategy is to provide private sector in the united states, eu, united states and japan to act on things they are seeing coming across their systems. also to have direct conversations with their customers and their purchasers in these countries. making very clear if they don't take actions to stop transshipment, take action to prevent invading sanctions using their companies and individuals, they will face the challenge of american companies, american firms, eu companies and firms having to pull away from doing business with them. >> we have seen some chinese businesses adhering to sanctions.

chinese companies operating in the west or other markets having to adhere to sanctions. how have you thought about the chinese equation? how have the chinese reacted to the way the sanctions have taken affect? have they started to respond in different ways to shield their own economy or adhere to the sanctions? how have you thought about the challenge of china more systemically in terms of the role of the dollar? the u.s. driven payment systems? how is that challenge by china that may not be fully aligned with the u.s.? >> this comes back to the multilateral coalition built. this is not about the united states and china. it is really about the coalition. and our interest in making sure

russia's invasion of ukraine ends. for the companies, individuals in china, the economic relationship with the eu, united states, japan is more important than the economic relationship with russia. what we are seeing is china is taking advantage of russians challenged by buying relatively cheap energy from russia. we have seen tips at sanction invasion -- sanction evasion, we have acted. a satellite company providing imagery, we sanctioned them. our view is that chinese companies have been worried about what they have done. once sanctions are put in place, overtime what tends to happen is people try to look for ways to evade them. we are warning china and companies within china that it tends to use china to evade export controls, financial sanctions will be met by the

european union as well and other economies they care deeply about. like any other jurisdiction, china has to make choices about what they are willing to do and what they want to be a part of the global system that represents 50% of the global economy or to strengthen their ties with russia. >> do you think the coalition you have created, pressure with sanctions, economic isolation is affecting russia is impacting the way china is thinking about its own posture? taiwan aggressive moves in the china sea and its general foreign policy >> i am not going to hypothetically speak about how china reviews -- how china views the sanctions we have put in place. the approach of the president took with russia was that it mistreated the importance of the rules-based system. the majority of countries that represent the global economy are willing to take actions to preserve that system.

ultimately violators of that are russia. one of the things we know president putin expected was this coalition wouldn't stand strong, it wouldn't last. the thing he miscalculated. the coalition we built is stronger than it has ever been. the alliance between the u.s., the eu and the g7 is stronger than it has ever been. we are willing to take additional actions when it comes to russia. that speaks to the importance of this system. the vast majority of countries in the world have reaped benefits from it. countries somewhat say have not picked a side, and my conversation with finance ministers, and africa, asia, all of them are concerned about the increased because they are paying for energy and for food. they know russia is responsible for it. that speaks to the logic of the price cap. the reason it is working is because it plays economic

interest not just the countries implementing it, but energy. making very clear in conversations with russia, they want to buy the energy for less. the key to the system holding together is the benefits outweigh attractions. that is why russia is struggling in its economy. >> much of this depends on ability to enforce the sanctions. describe the efforts underway and that you will undertake further on sanctions. sanctions would affect maritime industry. oil price cap regime appends on the shipping sector to comply. how have you thought about the longer-term sustainability of these efforts? they are complicated. you are asking the banks to do a lot. shipping companies to do a lot. you are asking a lot of the system. how do you think about sustainability of these

measures? >> part of that is because while traditionally sanctions have worked through the financial industry, this is the first time we have built anything like this that has touched on insurance rate developing the price get with our engagement with industry and helping them understand what we were trying to accomplish and help us -- as we rely more on the private sector a key part is going to be ongoing dialogue we have with them in terms of how best to design our tools in a way that makes it easy for them to participate in helping to enforce them. in order for russia to get around these sanctions, they are going to build their alternative ecosystem. russia investing money in capital expenditures and building an alternative ecosystem is a benefit to us

because it means the money and time they are spending on that is money and time they are not spending on the link there were munching -- their war machine. their cost in doing this, it is the major source of revenue for their economy. we needed to have active participation of those in alternative ecosystems. the ecosystem far bigger, broader and stronger to put more pressure on them to increase those costs. the only way for that to happen is working in partnership with the private sector. so they are best position to continue to meet their objectives while enforcing sanctions. >> you mentioned the russians trying to create alternate ecosystems. do you wrote -- do you worry about russians, chinese, other economies trying to link their economies or payment channels or commercial systems in ways that present a parallel economy that

allows not just sanctions of asia, but an alternate way interacting outside the u.s.? outside of reliance of western markets? are you worried about that? 2014 saw the chinese and russians trying to create an alternate switch, with marginal success. how do you think about that alternate system that may be emerging? >> the thing that is going to drive an alternate system exists and whether it thrives is less what we do with sanctions and what we do into terms of investing in in the united states and investing in our western economies. the reason the dollar remains dominant in the world is because we have the deepest most liquid capital markets. we have an open economy thriving. we have to make sure we are taking every step we can to maintain that. in addition, we have to be responsible when it comes to

economic tools like sanctions. white was so important to build a multilateral coalition, the truth is if you are an act of any kind in the global economy, you want access to convertible currencies. holders of the world's most important convertible currencies are part of our coalition. for the chinese, they are interested in control. they have very tight capital controls and they make it extremely difficult to get in and outside of their economy. as long as that is the case and they don't present an alternative that has deep, liquid capital markets for people to easily get in and outside of them, i am less worried about them taking on a dominant role. the thing i worry about more is making sure we make the investment in the united states. one of the most important things we can do is make sure we get the basics right. and we don't create manufactured

crises like the debt limit. when you look at the world today, coming out of covid, the united states is well to succeed. that is why you see our economy during that hour economy doing well. >> when you entered in this latest administration, you knew in the biden administration how to review sanctions. much concern expressed in academia and policy circles was sanctions were being overused. the first and only two of choice. that we were not looking at externalities and all the things that come with their use. we are behind -- we are now relying heavily on sanctions. how do you think about where we are with the use of sanctions in light of what you were thinking coming into the administration and given the realities of their net session -- of their

necessity in russian conflict? >> part of the review, i talked to people like you. i talked to my foreign counterparts about what work. fundamentals that got reviewed in the fall 2021. two months later as we started to see the intelligence about ukraine, russia building up troops at the border of ukraine, i said we need to start planning for this contingency. we took what we learned from that review and applied it here. the most important lesson, the best way to protect against overused and not using them in a target way was to do it multilateral. that is where we worked so closely with our allies. a big part of this was to make sure the sanctions were a part of a foreign policy strategy. i tried to outline what that has been frustrated it has been two key problems.

one is using sanctions to deny russia's ability to use the money they have to buy weapons they need. the second, we are going to go after their revenues. mobilizing their foreign reserve assets rather than just blocking their central bank. creating a price cap rather than blocking their ability to sell energy. we took the time to figure out what our eject of was. investing in the infrastructure that allows us to use these tools, investing in talented people of treasury doing this work and working up that function. we are looking to chief economist to do this work. making sure we are not doing it alone. we are doing exchanges between staff at the u.s. treasury and his majesty's treasury in the u.k.. we are planning to do the same thing with the eu.

in order to ensure amongst our allies we are able to use these tools moving forward. >> you have always looked at the broader economic landscape. national economic security is more than sanctions. anti-money laundering controls, export controls, foreign committee on the u.s. which you have overseen. there is a whole range of economic tools and arenas that not just pop to tish -- but not just computation, how are you thinking about that and encouraging the sector to look at these? >> russia's invasion of ukraine has forced us to look across the toolkit. especially the u.s. government to think what we can do to meet our economic objective

strategies when it comes to russia. it allows us to see to ask questions about where we need additional tools and resources. some devoted sanctions. looking also at what we do into terms of the united states. if we are concerned about the ability of adversaries to build up things like quantum computing, make investments that help accelerate fence production, we should ensure our companies are assisting them in doing that. a big piece of what we have been doing across the u.s. government is thinking about what additional tools we need in the toolkit. one of the most important things we can do is make sure we draw a clear line between what is competition and what is national security. the united states this well when we are competing on a level playing field with anyone in the world.

it is in our economic interest rate we want in the narrow spaces we see national security risk be able to use tools at our disposal to protect national security of the united states of america. that is what we are trying to do. it is sometimes hard to define. define them, making sure they are lines we agree to not just in the united states but with our allies and partners. one of the most important things we have learned from russia's invasion of ukraine is a lesson that we have known her world war ii. one of the key strengths of the united states is the fact we have a deep history working closer with allies and partners to accomplish not just national security objectives but economic object is as well. thinking about national security tools but also competition. >> let's open this up now. wait for the microphone.

please identify yourself. ask a quick question so we can get as many questions as possible. >> barbara slater from the stem to consider. -- the simpson center. an enormous number of new sanctions being put on the government of iran in recent months. have you been monitoring the efforts to lift or soften sanctions when it comes to provision of technology to ordinary iranians trying to remain connected to the internet and get their? information and their stories out to the rest of the world? >> one of the things we have done is giving targeted sanctions relieved to make sure iranian people have the ability to check in with each other and the rest of the world. the iranian regime is attempting to limit that as much as possible. which speaks to the basic human

rights violations happening in iran. they are regime has a choice to make. today their economy is struggling. they are facing a number of challenges being caused by their destabilizing activity in the region. also due to their failure to return to the jcpoa. we are going to continue to take steps to ensure we can do whatever we can to empower the iranian people. at the same time we maintain our sanctions in a way that forces them to make choices between ending that the stabilizing activity and making the choice to return to the jc poa. and making the economy smaller and face the challenges that come with their behavior. >> we have a question from the virtual membership. let's open the mic for the question, please. >> we will take our next question. >> thank you mr. secretary and

presided. the amount of decline in russian gdp is lower than was hoped for or expected. 15% was a number expected by some. it is down in the low single digits. this treaty with the u.s. is perhaps something you want to comment on. how is the degree to which russia remains resilient to a regime that has been put

together over a correlation? it seems it seems to be less than we have hoped. >> and asked her no suspension when it came to the start. i will address your question with regard to russia's economy. the most important thing is at the very beginning of russia's invasion of ukraine we took a number of steps that caused russia by surprise. if anyone who could get their assets out as quickly as possible. russia put in place a set of capital controls. they forced to take any currency and turn them into rules. which has created a false sense the economy -- the russian economy is doing well.

the russian economy you see today is nothing like the russian economy that existed before the invasion. if any of you were in investment -- an investor in 2021, russia would have been a part of any basket. today russia has almost no investment from the west. if you put money into russia, you cannot get that money out. russia is using their assets are proper their economy. this is going to be a game harder for them to continue to play going forward because last year, rather than having surplus, they had a four date -- they had a deficit of $47 billion. russia's economy is going to continue to be decimated. not only because of sanctions and export controls, but because the smartest, most educated russians are speaking with their feet and leaving the country. while the data has held up stronger than expected in the

beginning, russia is using assets they have to prop up the economy, underneath the hood, russia's economy is getting smaller and becoming less flexible and looks less and less like a g20 economy going forward. they can only for so long use the money to prop up their economy before you start to see some of the damage internally coming in a way that will leave russia to continue not to make a choice. between propping of that economy, continuing investments they need. nine straight months of decline in industrial production is a sign that demonstrates their industrial base is being detriment -- decimated to make it harder for them to rebuild their military but economy going forward. >> when i was at the treasury,

our mantra in terms of the use of sanctions and economic isolation was to make it harder, costly and riskier to move around. >> allen rolled from austin. last week in munich vice president harris assessed russia's actions in ukraine as crimes against humanity. what are the consequences that spring from that, including implications for the future of russian economy and prudence personal wealth -- and putin's personal wealth? >> our goal is going after the cronies, elites that helped pool vladimir putin's individual wealth. vladimir putin does not have a checking account. the russian economy is his checking account. i going after the economy and constraining that, constraining the elites around him, we are going to go after his wells.

a part of our strategy is to constrain russia's ability to continue to commit those crimes vice president outlined by going after their military complex, going after the wegner group. the economic tools like sanctions and export controls are a part of our broader foreign-policy. we will use other tools as well working with allies and partners to hold russia accountable for crimes against humanity they have committed in ukraine. >> let's go to lu -- let's go to a virtual member. >> thank you very much. this is fantastic. there have been sanctions on russian oil, gas, coal, what is

happening in terms of nuclear fuel, uranium imports to the u.s. from russia? >> i am not going to preview any sanctions today. as the president said in his statement, we plan to announce additional sanctions that will look to meet our objectives. to go after the military complex russia has and cut off their sources of revenue going forward. a big piece of what we are going to do using sanctions is go after the networks helping to facilitate. all

>> there are reports about china providing lethal age. ammunition secretary blinken recently met with the chinese foreign minister and said there would be consequences. i am wondering if you could outline the consequences. further, how would you anticipate this multilateral coordination effort? germany may not be as willing to support efforts as other countries. >> the premise at the end of

your question, germany's willingness to support efforts to go after countries with sanctions, underlies president putin's tragedy which has been wrong today. all the members of our coalition have been willing to take steps that have an impact on their economy to hold russia con -- russia accountable. including germany and the european union. it has come at a cost to them looking at energy to hold russia accountable. every step along the way it when people thought the coalition would be unwilling to do something we have always acted. for european countries, they see actions that would undermine the sanctions or expert controls. actions that not only helped russia's efforts to violate the sovereignty of ukraine, but undercuts economic interest.

the european union will act together to hold any company, and individual that provides material support to russia going forward. the tools we will use are the same tools in any jurisdiction which include sanctions which we have already demonstrated a willingness to use. further in our export controls. one of the things i outlined in my speech, we are seeing russia increasingly use dual use goods. to further their complex. tearing out semi conductors from fridges, semi conductors in order to put them into military equipment. we are going to further tighten sanctions to go after these dual use goods that are furthering their war effort. not only inaction we will take in the united states, and action the european union is taking alongside us.

for any jurisdiction, china, a country neighboring russia, the choice they are going to have to make is not only with regard to their economic relationship with the u.s., their economic relationship with members of the coalition who feels strongly about the fact the most important thing -- when it comes to china, companies in their financial sector are going to have to make the choice providing material support to russia and where those companies no longer have access to our markets and financial system. >> one more question from the virtual membership, please. >> thank you for a very timely conversation.

i wanted to ask one question related to parallel payment systems and often times the rise in digital currencies and cryptocurrencies is labeled as a designed to circumvent sanctions in the sector. we have seen a counter narrative that digital assets are increasing hard place to hide activity. from the lender treasury department and sanctions in place for russia, how do you see the role of parallel innovations whether or not there is any efficacy there in circumventing rules? >> any new innovation is a place where they try to find an angle to use it to further their behavior. illicit actors look to use cash, any payment method they can to further their activity.

cryptocurrency, by financial system they put in place, a set of rules and regulations that make it hard for those actors to use their system for purposes. we have taken actions against those in the block chain ecosystem we feel are not taking appropriate steps to protect the system from illicit action trade we are continuing to do so. there are responsible actors within the system building systems to help protect against these illicit activities going forward. we look forward to continuing to work with them to ensure just like the traditional financial system, the crypto ecosystem is not one that can be abused by cyber criminal actors going forward. >> unfortunately that is all we have time for.

this has been an incredible hour we have had with the deputy secretary. thank you for the generosity of your time, your leadership, service to your country. please join me in thanking deputy secretary. [applause] that concludes our meeting. you will be able to find this event on the website. [indiscernible]

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